Over the past few years, the legal profession appears to have rebounded from the economic downturn and commenced a period of steady growth. As noted in a recent article by IBISWorld, "Law Firms in the US: Market Research Report" (Mar. 2016),top law firms will benefit from higher corporate profits and their clients' entrepreneurial business activities to generate higher profits. Likewise, the Citi Private Bank's Law Firm Group recently released its report on the financial state of the legal industry and noted tepid but steady growth within the profession. Joe Patrice, "Law Firm Growth Continues . . . Slowly," Above the Law, Aug. 15, 2016. The further sign of growth is that many larger firms have begun to raise the compensation levels for their newly hired associates and are openly competing again for candidates.
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